SILVER SPRING, MD-Washington Property Co. has closed on a $35.5 million loan for its 242,000-square foot office building at 8757 Georgia Ave. US Bank provided the permanent financing. Walker & Dunlop represented WPC in the transaction.
Originally built in the 1970s, 8757 Georgia Ave. was acquired WPC in 2001 following a $20 million renovation. Current tenants include Social & Scientific Systems, Corinthian Colleges, and Synergy Enterprises.
WPC is active in this submarket, having delivered last year the 17-story 295-unit luxury apartment building Solaire-Metro. It is now planning a second tower with approximately 380 apartments. It also plans to redevelop the Shepherd's Table/Progress Place facility, providing an expanded facility offering services to low-income and homeless individuals and families.
Another local project in its pipeline is the development of three contiguous land parcels along Georgia Avenue, acquired in 2013 from Bethel World Outreach Ministries International.
All together, the company has one million square feet of residential development underway, Derek Hendon, president of WPC Management, LLC, told GlobeSt.com last year.
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